Real Estate Agents are the biggest crock! They helped destroy the economy, you know. 6%. SIX PERCENT?!!!! I’m sure that was fine back when homes cost $20,000, but how does anyone think they earned 6% of a $950,000 house? A CROCK, I say!
Noveltman, I for one can say that the real estate agent I worked with when I bought my house in Pennsylvania certainly earned her portion of that 6% commission. She showed my lovely female accomplice and me quite a few houses before we found the one we wanted, and she did quite a bit of work negotiating with the seller’s agent to come to an agreement on the price we were willing to pay and they were willing to sell for. As I wasn’t in town for the pre-sale inspection, she made sure she showed up and walked the property with my fiance’ and helped point out potential problems, and items which needed repair. Some agents may not go to that extent, but the one I dealt with certainly did. And for that, she wound up with half of the commission since the property we bought was listed with a different agency.
Noveltman, she also spent time sorting through houses, trying to decide which ones to show us, took nearly two months of work on her part to find the one we eventually bought, and $ 950k houses are not the norm sold by real estate agents in most of the world. Only in inflated value land like Southern California, or New York City, or Washington DC do normal agents get sales like that. The median sale price of homes in the US in April 2011 was about $217,000. So lets start with a more realistic commission of $6510 for two months work, (because that’s about the average amount of time it takes for a home sale to get put together. Out of that, she also has to share part of that commission with the agency for which she works, and at least in our situation, she was the eone who drove us around to the different homes whe looked at. I can tell we weren’t her only clients during that time too. Many real estate agents also consult with their clients on how much to sell their houses for or offer for houses they wish to buy, because they have a good feel for the values of homes in whatever shape or neighborhood they might be in. Most also have to keep up on things like the schools in the areas, transportation, and other facilities nearby, and other factors such as local real estate and school taxes which factor into whether or not someone will buy a house. In addition, realtors are required to keep up with changes in local zoning laws, sales transaction laws and have to maintain certification. It’s obvious that you haven’t thought this out very well, or else don’t know what goes into their cost of doing business. Perhaps the labor involved is not physical labor like being a mechanic or a construction worker, but there is quite a bit involved. I have no problem with real estate agent commissions, especially when compared to the salaries that CEOs make for far less actually leg work.
Noveltman over 13 years ago
Real Estate Agents are the biggest crock! They helped destroy the economy, you know. 6%. SIX PERCENT?!!!! I’m sure that was fine back when homes cost $20,000, but how does anyone think they earned 6% of a $950,000 house? A CROCK, I say!
MisngNOLA over 13 years ago
Noveltman, I for one can say that the real estate agent I worked with when I bought my house in Pennsylvania certainly earned her portion of that 6% commission. She showed my lovely female accomplice and me quite a few houses before we found the one we wanted, and she did quite a bit of work negotiating with the seller’s agent to come to an agreement on the price we were willing to pay and they were willing to sell for. As I wasn’t in town for the pre-sale inspection, she made sure she showed up and walked the property with my fiance’ and helped point out potential problems, and items which needed repair. Some agents may not go to that extent, but the one I dealt with certainly did. And for that, she wound up with half of the commission since the property we bought was listed with a different agency.
pbuckland Premium Member over 13 years ago
“as fun” is so wrong.
MisngNOLA over 13 years ago
Noveltman, she also spent time sorting through houses, trying to decide which ones to show us, took nearly two months of work on her part to find the one we eventually bought, and $ 950k houses are not the norm sold by real estate agents in most of the world. Only in inflated value land like Southern California, or New York City, or Washington DC do normal agents get sales like that. The median sale price of homes in the US in April 2011 was about $217,000. So lets start with a more realistic commission of $6510 for two months work, (because that’s about the average amount of time it takes for a home sale to get put together. Out of that, she also has to share part of that commission with the agency for which she works, and at least in our situation, she was the eone who drove us around to the different homes whe looked at. I can tell we weren’t her only clients during that time too. Many real estate agents also consult with their clients on how much to sell their houses for or offer for houses they wish to buy, because they have a good feel for the values of homes in whatever shape or neighborhood they might be in. Most also have to keep up on things like the schools in the areas, transportation, and other facilities nearby, and other factors such as local real estate and school taxes which factor into whether or not someone will buy a house. In addition, realtors are required to keep up with changes in local zoning laws, sales transaction laws and have to maintain certification. It’s obvious that you haven’t thought this out very well, or else don’t know what goes into their cost of doing business. Perhaps the labor involved is not physical labor like being a mechanic or a construction worker, but there is quite a bit involved. I have no problem with real estate agent commissions, especially when compared to the salaries that CEOs make for far less actually leg work.